JOHANNESBURG (Reuters) - South African-based precious metals producer Sibanye Gold plans to raise $1 billion through a rights issue to repay a portion of a $2.65 billion loan facility it used to acquire U.S. platinum producer Stillwater.
Sibanye, a Gold Fields spin-off, has been expanding out of gold and now South Africa, reducing its reliance on bullion and exposure to the political and social risks of its home base.
“A further announcement setting out the full terms of and finalization information regarding the rights offer is currently scheduled to be released on Thursday, 18 May,” Sibanye said in a statement.
It said all information with regards to the rights offer will be available on its website.
Reporting by Ed Stoddard; Editing by Greg Mahlich